India’s Senior Living Housing Sector to Skyrocket Over 300% By 2030, Hitting Rs 64.5k Cr: JLL-ASLI

Delhi NCR, November 14, 2024:  India’s senior population—defined as individuals aged sixty and above— is poised to more than double, from 156.7 million in 2024 to an astounding 346 million by 2050. This demographic shift will make India home to the world’s second-largest elderly population, presenting both significant challenges and immense opportunities. The most pressing of these opportunities lies in improving the quality of life and well-being for this growing segment of society. In response to this, The Association of Senior Living India (ASLI) is set to host a landmark event that could reshape India’s emerging senior care industry, often referred to as the “Silver Economy.” The 5th ASLI Ageing Fest, scheduled for December 6, 2024, in Bangalore, will explore the critical question: Is India’s senior care sector ready for take-off?”

During the conference Amit Yadav, Secretary, Ministry of Social Justice & Empowerment, said, “Ensuring safety and security for all, particularly vulnerable populations like seniors, is a top priority. This encompasses not only physical protection but also financial security, safeguarding against cybercrimes, and addressing mental well-being. Collaboration between government agencies, police departments, and various stakeholders is crucial to address these concerns.

We are working on modifying our current National Policy for older person which was 25 years old. Along with different stakeholders we will soon come up with new Policy which will focus on empowering the senior Citizens of country.”

“With the senior population in India projected to surpass 300 million by 2050, making up nearly 20% of the total population, the demand for comprehensive senior CARE solutions is set to increase dramatically. Presently only 5% of India’s elderly have access to institutional care, and over half live without social security. With a significant gap in geriatric healthcare services as well — less than 0.7 hospital beds per 1,000 elderly — it is imperative that we build inclusive, accessible, and sustainable senior care models. Wellness and Healthcare should be a key focus, integrated seamlessly with housing solutions that prioritize safety, comfort, and community support. Social integration must be emphasized to combat isolation and foster well-being and connectedness among the elderly. By doing so, India can build a framework that not only meets the needs of its aging population but also enriches their quality of life, making their golden years joyful,” said Rajit Mehta, Chairman, ASLI and MD & CEO, Antara Senior Care.

In recent years, India’s senior care sector has undergone a dramatic transformation. It has evolved from a nascent industry into a dynamic field, offering tailored solutions to meet the diverse and ever-changing needs of its elderly population. This transformation is taking place at a crucial moment in the country’s demographic shift. To highlight the vast potential of this rapidly expanding market, ASLI has partnered with JLL to unveil a comprehensive report on senior living. The inaugural report, “Elevating the Golden Years: Senior Living Opportunities in India’s Evolving Market,” launched at today’s curtain-raiser event for the 5th ASLI Ageing Fest. The report’s first instalment focuses on the burgeoning independent living market and provides critical insights for investors, developers, and policymakers navigating this exciting sector. As India stands on the brink of a senior care revolution, the need for innovative, scalable solutions has never been more urgent. The 5th ASLI Ageing Fest marks a pivotal moment in the growth of India’s senior care industry, offering a platform to explore new opportunities, exchange ideas, and lay the foundation for a future that ensures dignity, care, and fulfilment for the elderly.

“The Longitudinal Ageing Study of India (LASI) reveals that 26.7% of urban elderly live either alone, with only their spouse, or with people other than their spouses or children, highlighting the pressing need for specialized senior living solutions. This trend is especially significant given the rising number of single seniors, particularly women, who have longer life expectancy, and a shift in societal attitudes toward more independent living arrangements. As awareness and acceptance of senior living solutions rises, this sector which is currently at just 1.3% market penetration presents an unprecedented opportunity for developers and investors alike to build quality-driven solutions. As per JLL-ASLI report a compound annual growth rate of approximately 27% is projected, which presents a unique opportunity for India to develop a robust, compassionate senior care ecosystem that not only meets the evolving needs of its elderly population but also fosters sustainable, long-term industry growth” said  Ankur Gupta, Co-Founder, ASLI and Joint Managing Director, Ashiana Housing.

This evolving market offers a diverse range of housing solutions and services tailored for individuals in this population bracket, focusing on fostering independence, social interaction, and ease of living. The care spectrum encompasses diverse options, from independent living communities to assisted living facilities, specialized memory care units for those with cognitive challenges, and comprehensive Continuing Care Retirement Communities (CCRCs). This comprehensive approach enables seniors to seamlessly adjust their level of support as their requirements evolve, ensuring they can age gracefully in a supportive setting.

Senior population in India set to more than double by 2050.

The global demographic landscape is undergoing a significant shift, with the elderly population experiencing unprecedented growth. India, celebrated for its youthful demographic, is no exception to this phenomenon of population ageing. As of 2024, India’s over-60 population stands at a staggering 156.7 million – the world’s second-largest elderly cohort – despite comprising only 11% of the nation’s total populace. This number is projected to skyrocket, more than doubling to an estimated 346 million by 2050. As India navigates this unprecedented transition, the country stands poised to become a global leader in senior living solutions, potentially setting new standards for aging populations worldwide.

More than 20,000 senior living units established nationwide

In a testament to its burgeoning potential, India’s senior living sector has witnessed a remarkable surge over the past decade, with more than 20,000 specialized units now established across the nation. This milestone marks a pivotal moment in the country’s approach to senior care and real estate development.